Overview
Terra Luna is one of the most popular cryptocurrency projects in the crypto space right now. The project is a blockchain-based payment platform that specializes in using the Cosmos software development kit (SDK). Terra Luna was created by Terraform Labs and the platform can be used to create stablecoins.
The project aims to provide a next-gen payment network to cater to the growing user base of E-commerce in South Korea, with several partners that use stablecoins that have been created on the platform.
Stablecoins are the cryptographic version of paper money, and they aim to provide price stability to crypto users. LUNA is the native token of Terra that facilitates its ecosystem, provides a way to govern the platform, and pays transaction fees on the network.
Ellipal Titan
Overview
Ellipal Titan is an innovative hardware wallet that makes use of some of the newest technologies. Ellipal Titan uses air-gapped transactions which disconnect the device from all Bluetooth and Wi-Fi connections.
Transactions are then carried out between the device and proprietary application using a series of QR codes that are exchanged between these two components. The proprietary mobile app is decentralized and classified as a hot wallet, and while hot wallets are inherently riskier, the app is secured in several different ways.
Features
| Feature | Information |
| Wallet Type | Hardware wallet with a mobile app |
| Coins Supported | 10,000+ |
| Cost | Between $49 up to $327 (800 to 5,000 ZAR) |
| Supported Platforms | Android and iOS |
Pros and Cons
| PROS | CONS |
| Users can easily transact, manage their funds, and be assured of complete fund security | The wallet is still a new contender in an extremely competitive space where there are proven providers such as Ledger and Trezor |
| Uses air-gapped transactions to maximize the security of transactions and communication | |
| Users can store a wide range of digital assets on the hardware device | |
| Users have a choice between different hardware models according to their preference and budget | |
| The device has a decentralized proprietary application and there is no account verification needed |
Terra Station
Overview
Terra Station is a native cryptocurrency wallet of Terra Luna that was designed to cater to LUNA holders and users. By using Terra Station, users can easily connect to a wide range of decentralized applications (DApps) which include:
- Anchor
- Terraswap, the proprietary decentralized exchange for Terra
- Mirror, and several others.
Users can also stake their tokens on the application and view their transaction history. If the user loses their wallet, they can recover their seed phrases easily and manage their mAssets.
Features
| Feature | Information |
| Wallet Type | Mobile wallet |
| Coins Supported | Only supports LUNA |
| Cost | Free to use |
| Supported Platforms | Android devices |
Pros and Cons
| PROS | CONS |
| Users can connect to smart contracts and several DApps using the wallet | Only supports LUNA |
| Users can stake their LUNA through the wallet | The app is only available for Android and there are limited user reviews |
Trezor Model T
Overview
Trezor is a prominent name in the cryptocurrency space, having released several successful hardware wallets that are still popular today. Trezor Model T is one of the most robust hardware wallets that has a sleek design with a responsive touchscreen and robust security features.
When using the device, users must enter their PIN and passphrase to gain access to their digital currency wallet. Security features that add an additional layer of security to the wallet include Shamir Backup, FIDO Security Key capabilities, two-factor authentication, and several others.
Features
| Feature | Information |
| Wallet Type | Hardware device |
| Coins Supported | 1,600+ |
| Cost | $170 (2,700 ZAR) |
| Supported Platforms | Windows, macOS, Linux, Android |
Pros and Cons
| PROS | CONS |
| The Model T is open-source and user-friendly | There is no support for iOS devices yet |
| The vibrant touchscreen makes it easy to interact with the device | The device can be expensive |
| The process from setup to using the device is quick and hassle-free | |
| Users can store more than 1,600 crypto assets, coins, and tokens across blockchains |
Trust Wallet
Overview
Trust Wallet, as the name suggests, is a trusted and popular option for storing digital currencies such as LUNA. Trust Wallet is decentralized, open-source, and supports thousands of cryptocurrencies and their associated blockchains.
Trust Wallet provides developers adequate support for Web 3.0 and users can also access a robust innovative decentralized exchange (DEX), offered through the Kyber Network.
Features
| Feature | Information |
| Wallet Type | Software wallet (hot wallet or online wallet) |
| Coins Supported | Supports thousands of cryptocurrencies and 53+ blockchains |
| Cost | Free |
| Supported Platforms | Android, iOS, Android APK |
Pros and Cons
| PROS | CONS |
| The Wallet is user-friendly and a safe option for beginners and advanced crypto users | Trust Wallet is a hot wallet, which is not as secure as hardware crypto wallets or cold storage wallets |
| Trust Wallet is compatible with iOS and Android devices | |
| The wallet supports a wide range of coins, tokens, and digital assets | |
| Users can access different DApps from a variety of blockchains |
ZenGo
Overview
ZenGo is one of the best options for Terra and LUNA, with the benefit that the wallet does not use private keys, which immediately eliminates the risk that private keys can be exposed or stolen. ZenGo uses innovative facial recognition to verify the user and to confirm transactions.
Features
| Feature | Information |
| Wallet Type | Mobile |
| Coins Supported | 70+ |
| Cost | Free to use but transaction fees apply |
| Supported Platforms | Android, iOS |
Pros and Cons
| PROS | CONS |
| Uses innovative technology such as 3FA authentication, facial recognition, and other protocols as an added layer of security | Keyless technology employed by ZenGo is not user-friendly and can be complicated for complete beginners |
| The wallet does not use private keys, which minimizes the risk of cyberattacks and theft | The option to purchase crypto is extremely limited |
| Users can earn free Bitcoin through ZenGo in addition to other bonuses | |
| ZenGo is a premium wallet option |
MetaMask
Overview
MetaMask is an extremely popular web-based crypto wallet that can be used through Brave browser, Chrome, and Firefox. MetaMask is not only a premium wallet, but it also offers users access to various DApps on the Ethereum blockchain.
MetaMask accepts LUNA and users can easily connect the software wallet to their hardware wallets such as Ledger Nano, providing them increased security and peace of mind that their funds are secure.
Features
| Feature | Information |
| Wallet Type | Web-based hot wallet |
| Coins Supported | ETH and other ERC20 tokens |
| Cost | Free to download and use |
| Supported Platforms | Firefox, Brave Browser, Chrome |
Pros and Cons
| PROS | CONS |
| MetaMask allows access to Web 3.0 and different DApps | The wallet can experience periods where it is sluggish |
| The wallet offers robust security features and measures | It is a hot wallet, which is inherently riskier than a cold wallet |
| MetaMask is natively open-source and available for use across different browsers | Crypto users need some background on how blockchain and cryptocurrencies work |
| It is non-custodial, meaning that users have control over their private keys | |
| It suits beginner and advanced crypto users |
Math Wallet
Overview
Math Wallet is another popular name in the crypto space that allows users to store, send, receive, and exchange tokens and coins. In addition to this, users can access different DApps and their associated blockchains.
Math Wallet also allows integration with popular hardware devices such as Trezor and Ledger Nano, increasing its security significantly.
Features
| Feature | Information |
| Wallet Type | Desktop, Web, mobile app wallets |
| Coins Supported | 85+ |
| Cost | Free |
| Supported Platforms | All |
Pros and Cons
| PROS | CONS |
| Non-custodial, which means that users have control of their assets and funds | On its own, without connecting to a hardware device, the wallet can be vulnerable to viruses and malware |
| A high level of security is guaranteed when integrated with hardware wallets | |
| Millions of users have registered for Math Wallet and are actively using it |
Ledger Nano S
Overview
Ledger Nano S is one of the most reputable hardware wallets on the market with innovative features, a sleek design, and an affordable price tag. Ledger Nano S is non-custodial, which means that the private keys of the user are within their control, with none kept on the device.
Features
| Feature | Information |
| Wallet Type | Hardware |
| Coins Supported | 1,100+ |
| Cost | $59 (950 ZAR) |
| Supported Platforms | Windows, macOS, Linux, Android |
Pros and Cons
| PROS | CONS |
| Users can store more than 1,100 different coins on the device | There is limited storage space on the device |
| The wallet is non-custodial | The display is extremely small, and it is not a touchscreen |
| The device is lightweight, highly portable, and can be hidden easily as it resembles a thumb drive | |
| It is more affordable than other models |
Ledger Nano X
Overview
Ledger Nano X is a more updated version that features additional features, more storage space, and Bluetooth connection, with a heftier price tag. Ledger Nano X also supports applications for both desktop and mobile apps through which users can connect their hardware devices safely.
Features
| Feature | Information |
| Wallet Type | Hardware device |
| Coins Supported | 1,000+ |
| Cost | $119 (1,900 ZAR) |
| Supported Platforms | Linux, macOS, Windows, Android, and iOS |
Pros and Cons
| PROS | CONS |
| Extremely secure and allows for a Bluetooth connection | Ledger Live recently experienced a data breach |
| The wallet offers decentralized finance (DeFi) functionally from within the wallet | The device is on the expensive side |
| The device has a bank-grade CC EAL5+ chip and customized OS | |
| Security on the device is verified by the French National Cybersecurity company ANSSI |
FAQ
Is Terra a blockchain or a cryptocurrency?
Terra is both a blockchain and a cryptocurrency. Terra is an open-source blockchain protocol created by Terraform Labs through which stablecoins can be generated.
What is the Terra Ecosystem Fund?
It is a fund that can be used in the development of different applications and protocols that can be launched on the Terra blockchain.
Does Terra work with smart contracts?
Yes, Terra works with smart contracts to ensure price stability on stablecoins according to the fiat currency to which they are pegged.
Who is Terraform Labs?
Terraform Labs is the team behind the creation of Terra and associated projects.
What are the minimum Terra tokens that you can buy?
You can buy as little as a fraction of Terra because of its divisible nature, which means that you do not have to purchase 1 LUNA at a time to own coins.
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